FNEX WEALTH, LLC

Part 2A of Form ADV FNEX Wealth, LLC One Indiana Square, Suite 2242 Indianapolis, Indiana, 46204 (888) 580-2588 www.FNEXWealth.com December 31, 2025 This brochure provides information about the qualifications and business practices of FNEX Wealth, LLC (Advisor). If you have any questions about the contents of this brochure, please contact us at (888) 580-2588 or compliance@FNEXWealth.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (SEC) or any state securities authority. Registration with the SEC does not imply a certain level of skill or training. Additional information about the Advisor also is available on the SEC’s website at www.adviserinfo.sec.gov. Our CRD number is 334569  Item 2. Material Changes This Part 2A of Form ADV (“Firm Brochure”), dated December 31, 2025, is our annual update of ADV Brochure Part 2 prepared in accordance to the SEC’s requirements and rules. As you will see, this document is narrative format. We will ensure that you receive a summary of any material changes to this and subsequent Firm Brochures within 120 days of the close of our business’ fiscal year. Furthermore, we will provide you with other interim disclosures about material changes as necessary. Summary of Material Changes There has been no material change to operations since our last ADV update on June 30, 2025. Firm Brochure Available If you would like to receive a copy of our Firm Brochure, please contact us by telephone at (888) 580- 2588 or by email at: compliance@FNEXWealth.com Item 3. Table of Contents Item 1. Cover Page .................................................................................................................................... 1 Item 2. Material Changes .......................................................................................................................... 2 Item 3. Table of Contents.......................................................................................................................... 2 Item 4. Advisory Business ......................................................................................................................... 2 Item 5. Fees and Compensation ............................................................................................................... 3 Item 6. Performance-Based Fees and Side-By-Side Management ........................................................... 3 Types of Clients ............................................................................................................................. 3 Item 7. Item 8. Methods of Analysis, Investment Strategies and Risk of Loss ...................................................... 5 Item 9. Disciplinary Information ............................................................................................................... 5 Item 10. Other Financial Industry Activities and Affiliations ...................................................................... 5 Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................ 5 Item 12. Brokerage Practices ...................................................................................................................... 5 Item 13. Review of Accounts ...................................................................................................................... 6 Item 14. Client Referrals and Other Compensation .................................................................................... 7 Item 15. Custody ......................................................................................................................................... 7 Item 16. Investment Discretion .................................................................................................................. 7 Item 17. Voting Client Securities ................................................................................................................. 8 Item 18. Financial Information .................................................................................................................... 8 Form ADV Part 2B – Brochure Supplement .................................................................................................. 9 Item 4. Advisory Business A. Firm Description. The Advisor is registered with the SEC pursuant to the Investment Advisers Act of 1940. The Advisor is an Indiana limited liability company formed in 2024. Our Firm Principal is Robert J. Dalzell, whose education and business background are set forth in Form ADV Part 2B. The owners of the Advisor are Robert J. Dalzell (20%) and FNEX, LLC (80%). 2  Advisory Services. The Advisor serves as investment manager to a select group of individuals, B. high-net-worth individuals, families, family offices, businesses and other institutions and assists them in building, protecting, and transitioning wealth. In general, we manage client accounts according to a disciplined investment process which utilizes financial expertise, experience and investment techniques to research and evaluate fundamental factors in seeking to achieve the client’s objectives. Our investment advice is primarily focused on marketable securities of U.S. and non-U.S. companies. There is no guarantee that our investment strategy will be successful Tailored Advice. We manage separate accounts pursuant to the investment guidelines, C. objectives and restrictions set forth in our agreements with such clients. Amount of Assets Managed. As of December 31, 2025, we manage $ 122,263,863 assets on a D. discretionary basis and $46,625 on a non-discretionary basis. Item 5. Fees and Compensation A. Advisory Fees. Our standard fee for separately-managed accounts is 1.0% per annum billed to the client on a quarterly basis in arrears. Fees for separate account management are negotiable in our sole discretion and lower fees are available for account relationships in excess of $ 1 million. Other Fees or Expenses. Our separate account advisory fees are exclusive of brokerage B. commissions, transaction fees, and other related costs and expenses which shall be incurred by the client. Clients may incur certain additional charges imposed by custodians, brokers, and other third parties such as fees charged by managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. To the extent client assets are invested in mutual funds and exchange traded funds, such funds charge advisory, administrative and other fees, which are disclosed in a fund’s prospectus. As a result, clients will pay two levels of advisory fees with respect to such assets, one to us and one to the mutual fund’s investment adviser. Fund charges, fees and commissions are exclusive of and in addition to our fee, and we do not receive any portion of these commissions, fees or costs. More information regarding our brokerage practices is contained below in Item 12. Other Compensation. Our firm and our employees do not accept compensation for the sale of C. securities or other investment products. Item 6. Performance-Based Fees and Side-By-Side Management Performance-based fee arrangements may create an incentive for us to recommend investments which may be riskier or more speculative than those which would be recommended under a different fee arrangement. Currently, we do not charge performance-based fees on any accounts. 3  Item 7. Types of Clients We generally offer investment advisory services to individuals, high-net-worth individuals, families, family offices, businesses and other institutions. Item 8. Methods of Analysis, Investment Strategies and Risk of Loss In managing client assets, our investment A. Investment Strategies and Methods of Analysis. objective is to seek above market returns and long-term appreciation of client assets. We seek to accomplish this objective by primarily acquiring equity securities of well managed companies that possess durable competitive advantages at market prices significantly below our assessment of their intrinsic value. We use fundamental financial analysis to compare the anticipated future free cash flows of a company to its current market prices. The decision to buy or sell securities is based on the opportunity cost approach to capital management. We will purchase and sell securities at such times as we deem in the best interest of clients without regard to portfolio turnover, as to which there are no restrictions. As with any investment, there can be no assurance that clients’ investment objectives will be achieved and that a client will not lose a portion or all of its investment. The material risks presented by our investment strategies and methods of B. Material Risks. analysis are set forth below. This brochure does not purport to contain a complete disclosure of all risks that may be relevant. Investing involves risk of loss that a client or an investor in the Fund should be prepared to bear.  Securities Risk. We invest in equity securities which generally involve a high degree of risk. Prices are volatile and market movements are difficult to predict. Furthermore, we do not expect to hold a widely diversified portfolio of issues by industry or issuer. Some issuers may have small capitalizations, limited operating histories, limited following from Wall Street brokerage firms and may be vulnerable to competition from larger companies. In addition, trading in small issuers or privately held issuers may be problematic due to liquidity issues.  Non-Diversification and Sector Concentration. We may invest in a limited number of issuers. Non-diversification among issuers may involve an increased risk of loss if the market value of an individual security should decline. We may also focus from time to time on particular industries or market sectors and such focus may change from time to time and may produce varying levels of sector concentration. If we concentrate the clients’ investments in an industry or market sector, financial, economic, business and other developments affecting issuers in that industry or sector will have a greater effect than if we had not concentrated the clients’ assets in that industry or sector.  Risks Relating to Options. If we sell a put option which is covered (i.e., we have a short position in the underlying security), it will assume the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received, and give up the opportunity for gain on the underlying security below the exercise price of the option. If we sell a put option when the clients also own a put option covering an equivalent number of shares with an exercise price equal to or greater than the exercise price of the put written, the position is “fully hedged” if the option owned 4  expires at the same time or later than the option written. If we sell an uncovered put option, the clients will assume the risk of a decline in the market price of the underlying security below the exercise price of the option. If we buy a put option, the clients will assume the risk of losing their entire investment in the put option. If we hold the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security. If we sell a call option which is covered (i.e., the clients hold the underlying security), it will assume the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and give up the opportunity for gain on the underlying security above the exercise price of the option. If we sell an uncovered call option, the clients will assume the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. If we buy a call option, the clients will assume the risk of losing their entire investment in the call option. If we buy a call option and sell short the underlying security the loss on the call option will be offset, in whole or in part, by any gain on the short sale of the underlying security.  General Economic, Market and Political Conditions. The success of our activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls and national and international political circumstances, including terrorism, war or the threat of terrorism or war. These factors may affect the level and volatility of securities prices and the liquidity of the clients’ investments. Volatility or illiquidity could impair the clients’ profitability or result in losses. Item 9. Disciplinary Information There are no legal or disciplinary events to disclose. Item 10. Other Financial Industry Activities and Affiliations One of our owners, FNEX, LLC has under common control and ownership an SEC and FINRA-registered broker-dealer. The Advisor does not currently conduct any form of business or transactions with that entity. Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading We have adopted certain written supervisory procedures (the “Procedures”) which set forth the standards of business, fiduciary and ethical conduct required of our employees. We will provide a copy of the Procedures to any client or prospective client upon request. We permit our employees to engage in the trading of securities for their personal accounts. Such trading presents potential and actual conflicts of interest when the securities traded are the same as securities we trade for client accounts. Theoretically, if an employee desires to purchase a security also held in client accounts, but does not want to pay current market value for the security, the employee could sell the security out of the client accounts and drive the market price down before making the personal investment. Similar manipulative behavior could occur if the employee desires to sell a personal security 5  holding, but sells it out of client accounts first in an effort to drive up the price before the employee sells. Given our small size and the nature of the securities we invest in, it is highly unlikely these transactions would be capable of moving the market price of any security such that our personal transactions could benefit. Notwithstanding, we require employees to report their personal trades and account holdings and we review them for any potentially manipulative activity. Item 12. Brokerage Practices Generally, portfolio transactions for separately-managed accounts will be traded and executed through the brokerage account maintained by the Advisor with Charles Schwab. Charles Schwab is independent of, and is not affiliated with, us, our principals or owners. It is our policy to allocate suitable investment opportunities fairly and equitably to clients with the same or similar investment objectives over time. A security will be suitable for an account if it is consistent with the investment objectives, strategies and risk tolerance of the account and permitted by the investment restrictions and limitations applicable to the account. Where an investment opportunity is suitable for both the Fund and the separate account, it is our policy that all such accounts shall participate in the transaction, subject to our determination that participating in the transaction is not in the account’s best interest for reasons such as: Lack of available cash • • Net exposure to holding, industry or sector is higher than desired • Specific client restrictions, e.g., industry or sector limits We may invest in securities being offered in an initial public offering (“IPO” or “new issue”), if we determine that such an investment is desirable for one or more clients. In making this judgment, we shall consider, among other things, a client’s investment objectives, restrictions and tax circumstances; a client’s tolerance for risk and high portfolio turnover; the nature, size and investment merits of the IPO; the size of a client’s account and the client’s cash availability and other holdings; and other current or expected competing investment opportunities that may be available for the account. Sometimes the demand for new issues exceeds the supply, and the amount of certain new issues made available to us may be limited. If we are not able to obtain the total amount of securities needed to fill all orders, if necessary we will allocate the shares actually obtained on a pro rata basis. All such allocations are monitored to ensure that clients are treated fairly and equitably over time and that no clients are systematically disadvantaged. Internal cross transactions are trades between advisory client accounts. Principal transactions are trades between a client account and an account of ours or one of our employees. We prohibit both cross transactions and principal transactions. On occasion, a mistake may occur in the execution of a trade. As a fiduciary, we owe clients duties of loyalty and trust, and as such must treat trade errors in a fair and equitable manner. Errors may occur for a number of reasons, including human input error, systems error, communications error or incorrect application or understanding of a guideline or restriction. Examples of errors include, but are not limited to, the following: buying securities not authorized for a client’s account; buying or selling 6  incorrect securities; buying or selling incorrect amounts of securities; and buying or selling in violation of one of our policies. In correcting trade errors, we do not: make the client account absorb any financial loss due to the trade error; use soft dollars or directed trades to fix the error; or attempt to fix the error using another client account. To the extent correction of the error results in a loss to the client’s account, we reimburse the account. To the extent correction of the error results in a gain to the client’s account, we allow the client to keep the benefit. Item 13. Review of Accounts Client portfolios are monitored daily by our Firm Principal. We do not currently provide account statements to separate account clients. Statements are made available by the broker/dealer or custodian. Clients should review their statements carefully for any errors. Item 14. Client Referrals and Other Compensation We do not receive any economic benefit (e.g., sales awards or other prizes) from non-clients for providing investment advice or advisory services. Further, we do not compensate any person for client referrals. Item 15. Custody We do not serve as the qualified custodian of client assets and do not maintain physical custody of any account assets. Each of our clients has an independent, third-party custodian, Charles Schwab. We are deemed by the applicable regulatory rules to have custody of our separate account clients because we may deduct fees directly from client accounts. We seek to comply with the applicable custody requirements by obtaining written authorization from clients to deduct fees, and by effectively providing notice to the custodian and the client describing the fees. Currently, our separate account clients receive monthly statements from their broker/dealer custodian that identifies the amount of funds and each security in the account at the end of the period and sets forth all transactions in the account during that period. Clients should carefully review all such monthly statements received from their broker/dealer custodian. Item 16. Investment Discretion In respect to separate accounts, we receive discretionary authority in the investment management agreement executed with the client at the outset of an advisory relationship. The accounts over which we exercise investment discretion are generally subject to investment restrictions and guidelines developed in consultation with clients. These restrictions and guidelines customarily impose limitations on the types of securities that may be purchased and also generally limit the percentage of account assets that may be invested in certain types of securities. Additional policies may be set by a client’s board or investment committee. We are generally authorized to make the following determinations, consistent with each client’s investment goals and policies, without client consultation or consent before a transaction is effected: 7  • Which securities or other investments to buy or sell; • The total amount of securities or other investments to buy or sell; • The broker or dealer through whom securities are bought or sold; • The price at which securities or other investments are to be bought or sold, which may include dealer spreads or mark-ups and transactions costs. We may also accept non-discretionary arrangements, where clients retain investment discretion with respect to transactions in the account. In these situations, the client’s retention of discretion may cause the client to lose possible advantages that discretionary clients may derive from factors that result from our ability to act on its recommendations for those discretionary clients in a more timely fashion, such as the aggregation of orders for several clients as a single transaction. We may act as investment manager to other clients now or in the future and each account’s investment restrictions and guidelines may differ. All investment decisions for an account are made in accordance with the investment restrictions and guidelines of that account. Investment decisions for each account are made with a view to achieving the account’s investment objectives and after consideration of such factors as the account’s current holdings, the current investment views of the Firm Principal, availability of cash for investment and the size of the account’s positions generally. Item 17. Voting Client Securities We do not vote proxies on behalf of our clients. Clients will be notified by the custodian of any proxy votes that require their attention. Item 18. Financial Information Registered investment advisers are required to provide certain financial information or disclosures about their financial condition. We have no financial condition that impairs our ability to meet contractual commitments to clients and have never been the subject of a bankruptcy proceeding. 8  Form ADV Part 2B Robert J. Dalzell Individual CRD: 5811956 FNEX Wealth, LLC One Indiana Square, Suite 2242 Indianapolis, Indiana, 46204 (888) 580-2588 www.FNEXWealth.com December 31, 2025 This Brochure Supplement provides information about Robert J. Dalzell, and supplements the FNEX Wealth, LLC (“FNEX”) Brochure. You should have received a copy of that Brochure. Please contact FNEX Compliance at (888) 580-2588 or Compliance@FNEXWealth.com if you did not receive FNEX’s Brochure, or if you have any questions about the contents of this Supplement. Additional information about Robert J. Dalzell is available on the SEC’s website at www.AdviserInfo.sec.gov. 9  Item 2 - Educational Background and Business Experience Robert J. Dalzell (year of birth 1987) joined FNEX in 2025 as Firm Principal, Robert proudly serves a select group of business owners, families, and institutions by assisting them in building, protecting, and transitioning wealth. Prior to joining FNEX, Robert served as a Wealth Manager at Indie Asset Partners, LLC (IAP) from 2019-2025, before IAP he was Associate Vice President - Investment Officer at Wells Fargo Advisors, LLC from 2010-2018. Robert received a Bachelor of Science in Public Financial Management from Indiana University in 2010. Item 3 - Disciplinary Information There is no disciplinary information to report regarding Robert. Item 4 - Other Business Activities Robert has ownership in Indie Diversified Partners II, LLC (“IDP II”) which has a controlling interest in AFP Self Storage Fund GP, LLC (“AFP Self Storage GP”). AFP Self Storage GP has been engaged as the general partner for the AFP Self Storage Fund I, L.P. (“AFP Self Storage Fund”) and is responsible for management of this fund. Additionally, Robert has a personal investment in the AFP Self Storage Fund which creates a personal financial incentive for Robert to favor his work for AFP Self Storage Fund over his work for FNEX clients along with his interest in the fees earned by AFP Self Storage GP. Mr. Dalzell is the sole owner of Boxley Capital, LLC an organization formed to serve as a pass-thru entity for tax purposes. It is not investment-related and Mr. Dalzell spends approximately five (5) hours per month engaged in this activity. Robert is the principal of Prixmier LLC, a non-investment related business. Prixmier LLC. is a motorsports services enterprise that engages in supporting motorsports race teams through consulting and race spotting. FNEX has a fiduciary duty to exercise good faith and act solely in the best interest of clients and maintains policies and procedures, including a Code of Ethics which requires the interests of clients be placed ahead of other interests to address these conflicts of interests. Item 5 - Additional Compensation None. Item 6 - Supervision FNEX maintains compliance policies and procedures designed to detect and prevent violations of federal securities laws and employees are required to certify compliance with the policies and procedures and code of ethics annually. For purposes of regulatory compliance Robert is supervised by the Chief Compliance Officer, Thomas Hertog. Mr. Hertog may be contacted at thomashertog@FNEX.com or (888) 580-2588. 10